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Over the last four days, BTC has been trading sideways, between the $37,600 and $40,300 levels, and it looks like we will only get direction out of the market after some important events that are taking place this week.
Today, there is an important parliamentary vote in the EU on the future of crypto mining, especially BTC, and whether it should be moved to proof-of-stake. On Wednesday there will be the important FOMC announcement, as to what the interest rate hike increase will be for the US. And on Friday, it’s the expiry of BTC futures. So, this week is thus a very important week for crypto, and we should possibly see volatility in the market this week.
If we look at the BTC chart, overhead resistance is still at the $42,400 level, and current support at $38,200. If the support level has to break, the next levels of support are at $36,400 and $34,000 respectively.
The Bitcoin Dominance chart has been going sideways for the last two weeks, ranging between 43% and 44%, with no clear direction. We have also been in a rising channel for the last 6 weeks, and there is still a strong possibility of the BTC dominance going to the next strong resistance at around 45%, where the daily resistance line from July 2021 crosses in the same area. A break out of the channel to the downside will be very bullish for the altcoins. Unfortunately, no direction has been given at the moment.
With the current sideways trading action, we get a sense that the market is waiting for this week’s news before deciding on a directional move. It’s going to be a tense week, so make sure to tune in to keep up with breaking news.